Angela deposited 15000 rupees in a bank at a rate of 9 p.c.p.a. She got simple interest
amounting to 5400 rupees. For how many years had she deposited the amount?
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Angela deposited 15000 rupees in a bank at a rate of 9 p.c.p.a. She got simple interest
amounting to 5400 rupees. For how many years had she deposited the amount?
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Understanding the concept :-
Principal: The principal is the amount that initially borrowed from the bank or invested. The principal is denoted by P.
Rate: Rate is the rate of interest at which the principal amount is given to someone for a certain time. The rate of interest is denoted by R.
Time: Time is the duration for which the principal amount is given to someone. Time is denoted by T.
Amount: When a person takes a loan from a bank, he/she has to return the principal borrowed plus the interest amount, and this total returned is called Amount.
Amount = Principal + Simple Interest
where,
Given that,
Let time period, for which Principal is invested is 't' years.
On substituting all the values in formula of Simple interest,
So,